MUNICH (dpa-AFX) - The Baywa conglomerate has started the year in the red. This was due to a further fall in prices for solar modules, lower sales of project rights for wind and solar parks and weak demand for construction services in Germany, it said. The loss before interest and taxes (EBIT) amounted to EUR 61.3 million in the first quarter, as the company announced in Munich on Wednesday. In the previous year, BayWa had achieved a profit of 91.8 million euros. Revenues declined by 17.3% to €5.2 billion.

According to BayWa, the company expects a much more dynamic business development in the coming months, particularly in the sale of project rights. The forecast for the year was confirmed. The Group continues to expect EBIT of between €365 million and €385 million for 2024./nas/mis